I have an XP Pro machine and when I open My Computer it takes minutes to open. I have run virus and spyware software and have found none. It is as if it is looking for a connection that is not there and is timing out.

Try this

start > control panel > folder options and select view tab. In that window under files and folders uncheck Automatically search for network folders and printers and then ok out. The changes should take effect immediately!

Thanks for the reply.
Tried it. I still get the searching flashlight and a long wait.

This could also be a sign of a failing (slowing) harddrive.

Check the event viewer and see if any warnings are in the logs

control panel > admin tools > event viewer and check all 3 log files and see if there are any errors or warnings...double clk the warning line and see where it is causing the problem.